Gold fell more than 1 percent in choppy trade on Wednesday after a poll showed weaker support among Swiss voters for a referendum that would force the central bank to boost its gold reserves. Bullion also came under pressure after the minutes of the Federal Reserve's late October policy meeting showed policymakers were concerned about weakening inflation pressure, dampening the metal's appeal as a hedge.
Spot gold was down 1.2 percent at $1,182.30 an ounce by 3:16 pm EST (2016 GMT), off a low of $1,175.50. US COMEX gold futures for December delivery settled down $3.20 an ounce at $1,193.90, with trading volume about 40 percent above its 30-day average, preliminary Reuters data shows.
Silver edged down 0.2 percent at $16.12 an ounce. GFMS analysts at Thomson Reuters said on Tuesday that silver demand would fall 7 percent in 2014 because of a slower pace of buying by jewellers and industrial fabricators. Platinum fell 1.2 percent to $1,187.40 an ounce, while palladium dropped 0.8 percent to $765 an ounce.
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